Citi Initiates Coverage on Danaos Corp (DAC) with a Hold
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Citi initiates coverage on Danaos Corp (NYSE: DAC) with a Hold. Price target $7.50.
Citi analyst says, "Danaos charters its vessels to high-credit counterparties under very long term contracts at fixed revenue rates, effectively locking in revenue and cash generation. Based upon the current operating fleet and contracted orderbook, DAC stands to grow revenues and EBITDA at greater than a 25% CAGR through 2011, providing a solid pipeline of contracted growth in cash flows. With strong visibility & a 22% dividend yield, DAC shares offer an interesting mix of income & growth...We believe the next 12 months will test the view that long-term chartering is insulated from the shipping cycle, with heightened risk of counterparty defaults & charter re-negotiations materializing into '09."
Danaos Corporation is an international owner of containerships, chartering its vessels to the global liner companies.
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